Is your bank making excuses when UPI payment is pending? Recover your late money with this powerful guideline of RBI

News India Live, Digital Desk: Nowadays, from tea stalls to big shopping malls, we just take out our phones and ‘scan’ them. UPI has really made life very easy, but we feel scared when we make a payment, the money is deducted from the account, but the person in front does not get it. It is written there ‘payment failed’.

In such a situation, it is natural for the heart beat to increase. We fear that our hard-earned money might be wasted? And when we call customer care, we often get a ‘wait’ response. But do you know that the Reserve Bank of India (RBI) has made very strict rules for this problem of yours? Yes, now it is not enough to just get the money back, the bank will also have to pay you a penalty for delay.

What is RBI’s T+1 rule?
Simply put, RBI says that if a digital payment (UPI) fails, the bank should automatically credit your money back to your account within the next day (T+1) from the day of the transaction. This is called “turnaround time” (TAT).

Penalty of ₹ 100 every day: Your real right
Now the most important thing. Suppose your money is deducted and not returned until the next day. According to the rules, if the bank delays returning the money after the stipulated time, then it ₹100 per day You will have to pay compensation accordingly. This money will continue to be credited to your bank account until your failed money is returned. The interesting thing is that for this you do not need to visit the bank, this rule applies itself.

But what to do if the bank makes excuses?
Often banks do not give this money quietly. If it has been several days since your payment failed, the first thing to do is lodge a formal complaint with your payment app (Google Pay, PhonePe or Paytm) and your bank.

1. If your problem is not resolved within 30 days, you RBI Ombudsman You can complain to.
2. The complaint given to the Lokpal is very powerful and the banks do not make excuses there.

A little advice:
Whenever a payment fails, keep its screenshot and ‘Transaction ID’ safe. These serve as evidence.

Next time when a digital payment gets stuck, instead of getting upset, remember these rules. Being aware is the biggest security in Digital India. Your money, your responsibility and your rights!